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44ad or 44ae
client has filled his income tax return last 4 years by providing detailed profit and lpss account... his sales was about 27 lakhs and profit 3 lakhs.. for A. Y. 2018-19, his sale is 30 lakhs and estimated profit is 3 lakhs.. can this year he file return in 44AD
Replies (2)
yes, if profit is more than 8% on cash base and 6% through bank, then u can file under 44AD
Yes your client can definitely file return under section 44AD as long as profit margin is 8% or more and turover is upto ₹ 2 crores.
To know more about section 44AD, 44ADA and 44AE, you can read this post. - Guide to Presumptive taxation (section 44AD, 44ADA and 44AE.
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